Diesel seen to go down by over P2/liter; gasoline no change or slight rollback

Motorists can expect a sigh of relief in the coming week as pump prices of petroleum products are expected to go down, snapping five straight weeks of price hikes for diesel and four consecutive weeks of increase for gasoline.

In its fuel price forecast for the July 5 to 11 trading days, Unioil Petroleum Philippines said the price per liter of diesel may be slashed by P2.80 to P2.90.

Gasoline prices, meanwhile, may go down by P0.10 per liter or have no price change.

An oil industry source, likewise, told GMA News Online that diesel prices may roll back by P3.10 to P3.30 while gasoline prices may also decrease between P0.20 and P0.40 per liter.

The expected price reduction for gasoline, however, may be offset by premium cost, according to the industry source.

Sought for comment, Department of Energy-Oil Industry Management Bureau Director Rino Abad cited two major factors for the expected fuel price rollback:

• China lockdown; and 
• effect of various interest hikes all over the world which depress economic activity and ultimately fuel demand.

Oil companies usually announce price adjustments every Monday to be implemented on the following day.

Effective Tuesday, June 28, fuel firms hiked gasoline prices by P0.50 per liter and diesel by P1.65 per liter, bringing the year-to-date fuel price adjustments to stand at a net increase of P30 per liter for gasoline and P45.90 per liter for diesel.

Data from the Department of Energy, as of June 30, show gasoline prices range from P77.90 to P89.61 in Quezon City — Metro Manila’s largest city — while diesel prices range between P86.65 and P91.01 per liter in Manila — the country’s capital. —KG, GMA News